{"id":39568,"date":"2022-07-13T18:22:31","date_gmt":"2022-07-13T06:22:31","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39568"},"modified":"2024-03-01T20:40:10","modified_gmt":"2024-03-01T07:40:10","slug":"central-banks-in-nz-and-korea-push-ahead-with-more-super-sized-rate-rises-australia-likely-to-follow","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/central-banks-in-nz-and-korea-push-ahead-with-more-super-sized-rate-rises-australia-likely-to-follow\/","title":{"rendered":"Central banks in NZ and Korea push ahead with more super-sized rate rises, Australia likely to follow"},"content":{"rendered":"<p><strong>PHOTO: New Zealand&#8217;s official cash rate target is now 2.5 per cent, compared to 1.35 per cent in Australia.<\/strong><\/p>\n<p class=\"_1HzXw\">Central banks in <a href=\"https:\/\/www.propertynoise.co.nz\/\">New Zealand<\/a> and Korea have pushed ahead with further super-sized interest rate rises as they attempt to tame rampant inflation.<\/p>\n<div class=\"_3qLh5 _sBMB _1ilWc\">\n<section class=\"_3xJds _3tgJi\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\" data-uri=\"coremedia:\/\/teaser\/101234928\">\n<h2 class=\"_1EAJU hMmqO _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"qkR3W\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">Both the RBNZ and Bank of Korea have raised interest rates by a further 50 basis points<\/li>\n<li class=\"\" data-component=\"ListItem\">New Zealand&#8217;s benchmark cash rate is now 2.5 per cent and Korea&#8217;s 2.25 per cent<\/li>\n<li class=\"\" data-component=\"ListItem\">Many economists now expect that many central banks will stop hiking rates by the end of this year<\/li>\n<\/ul>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/ouch-watch-out-nz-mortgage-holders-rbnz-lift-ocr-to-2-5\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/10\/eight_col_Reserve_Bank.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Reserve Bank\" width=\"460\" height=\"270\" data-attachment-id=\"76161\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/reserve-bank-considers-lowering-cost-of-borrowing\/eight_col_reserve_bank\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/10\/eight_col_Reserve_Bank.jpg?fit=620%2C388&amp;ssl=1\" data-orig-size=\"620,388\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Reserve Bank\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/10\/eight_col_Reserve_Bank.jpg?fit=300%2C188&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2020\/10\/eight_col_Reserve_Bank.jpg?fit=620%2C388&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/ouch-watch-out-nz-mortgage-holders-rbnz-lift-ocr-to-2-5\/\" rel=\"bookmark\">OUCH: Watch out NZ mortgage holders | RBNZ lifts OCR to 2.5%<\/a><\/h2>\n<\/header>\n<\/div>\n<\/section>\n<\/div>\n<p class=\"_1HzXw\">Both have been at the forefront of global central bank moves to quell inflation, lifting rates from pandemic lows in the second half of 2021, many months ahead of most other central banks, including the Reserve Bank of Australia (RBA), which first moved in May.<\/p>\n<p class=\"_1HzXw\">The Reserve Bank of New Zealand (RBNZ) increased its benchmark overnight cash rate target from 2 to 2.5 per cent today, while the Bank of Korea (BoK) also raised rates by 50 basis points earlier this morning to 2.25 per cent.<\/p>\n<p class=\"_1HzXw\">It is the third meeting in a row that New Zealand&#8217;s central bank has lifted rates by half a percentage point, and the move was expected by almost all analysts.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/interest-rates-bite-property-sales-down-38-on-year-ago-43-in-auckland\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2014\/11\/stressed.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Affordable Housing\" width=\"460\" height=\"270\" data-attachment-id=\"19051\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/stressed\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2014\/11\/stressed.jpg?fit=1348%2C758&amp;ssl=1\" data-orig-size=\"1348,758\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Affordable Housing\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2014\/11\/stressed.jpg?fit=300%2C169&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2014\/11\/stressed.jpg?fit=1024%2C576&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/interest-rates-bite-property-sales-down-38-on-year-ago-43-in-auckland\/\" rel=\"bookmark\">INTEREST RATES BITE: Property sales down 38% on year ago, 43% in Auckland<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"_1HzXw\">Traders are currently pricing in a roughly 50\/50 chance that the RBA will follow its neighbour across the ditch with a third consecutive 50-basis-point rate rise in August.<\/p>\n<p class=\"_1HzXw\">Such a move would take Australia&#8217;s cash rate to 1.85 per cent.<\/p>\n<p class=\"_1HzXw\">Those who do not expect a half-a-percentage-point rise are expecting that the RBA will raise the cash rate by 25 basis points to 1.6 per cent.<\/p>\n<h2 class=\"_1EAJU hMmqO SYcM3 zwVFG _1BqKa _3AExf _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">Are interest rates nearing their peak?<\/h2>\n<p class=\"_1HzXw\">Many economists are now coming to the view that the string of aggressive rate rises in many countries may be nearing an end.<\/p>\n<p>&nbsp;<\/p>\n<aside class=\"_3qLh5 _sBMB _1ilWc cj-aC\" data-component=\"RelatedCard\" data-uri=\"coremedia:\/\/article\/101229740\">\n<div class=\"_8ozWK\" data-component=\"CardBox\">\n<h3 class=\"_1EAJU hMmqO MaLKt NHr4j _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"CardHeading\"><span class=\"_3agD2\" data-component=\"KeyboardFocus\">Why interest rates won&#8217;t rise as high as predicted<\/span><\/h3>\n<div class=\"_2mnnz _1vrxI _1Gx7i _2gSqv\" data-component=\"CardLayout\">\n<div class=\"_16eiR\">\n<p class=\"_1EAJU _3V31R _2L258 _1BqKa _25ANV hmFfs\" data-component=\"Typography\">Surging costs for everyday grocery items and fresh food, exorbitant prices for fuel and,\u00a0to top it all off, pretty much every expert you listen to will tell you worse, far worse, is at hand when it comes to interest rates, writes Ian Verrender.<\/p>\n<\/div>\n<div class=\"_3nQI7 _1P5AM _2PGTd _2paT0\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p class=\"_1HzXw\">While Marcel Thieliant from Capital Economics expects another 50-basis-point rate rise in New Zealand next month, taking its cash rate to 3 per cent, he also expects it will not go much higher than that.<\/p>\n<p class=\"_1HzXw\">&#8220;Our view remains that the ongoing housing downturn will weigh heavily on residential investment and constrain household spending, ultimately forcing the bank to stop hiking once the policy rate reaches 3.5 per cent\u00a0by year-end,&#8221; he wrote.<\/p>\n<p class=\"_1HzXw\">Mr Thieliant&#8217;s colleague who covers Asia, Gareth Leather, sees a similar outlook for Korea.<\/p>\n<p class=\"_1HzXw\">&#8220;We think inflation will stop rising soon and will start to drop back sharply early next year,&#8221; he noted.<\/p>\n<aside class=\"_3qLh5 _sBMB _3fob9\" data-component=\"Pullquote\">\n<blockquote class=\"_1BTTn\">\n<p class=\"_1HzXw\"><strong>&#8220;The recent drop in global commodity prices and more favourable base effects mean fuel and energy price inflation should peak soon.<\/strong><\/p>\n<\/blockquote>\n<\/aside>\n<p class=\"_1HzXw\"><strong>&#8220;We expect headline inflation to start falling from August.<\/strong><\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2022-07-13\/rbnz-bank-of-korea-lift-interest-rates-by-50-basis-points-again\/101234458\">ABC<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"wpp-list wpp-list-with-thumbnails\">\n<li><a href=\"https:\/\/www.propertynoise.co.nz\/20-year-old-buys-first-home-after-ditching-waitress-job-for-onlyfans\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" class=\"wpp-thumbnail wpp_featured wpp_cached_thumb lazyload\" 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data-src=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img,w_75,h_75\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/64681-featured-75x75.jpg\" alt=\"Abandoned land\" width=\"75\" height=\"75\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 75px; --smush-placeholder-aspect-ratio: 75\/75;\" \/><\/a><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/abandoned-land-for-sale\/\" target=\"_self\" rel=\"noopener\">Abandoned land for sale<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: New Zealand&#8217;s official cash rate target is now 2.5<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/central-banks-in-nz-and-korea-push-ahead-with-more-super-sized-rate-rises-australia-likely-to-follow\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":33939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478122239,478122238,478122240,478122237,478114129,478120831,478098579,478098510,478098514,478122236,478099485,478098511,478098509,478114662],"class_list":["entry","author-data123nz","post-39568","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-bank-of-korea","tag-korean-mortgage-rates","tag-new-zealand-mortgage-rates","tag-nz-interest-rates","tag-nz-mortgage-rates","tag-nz-ocr","tag-property-market","tag-property-news","tag-propertynoise","tag-rate-rises","tag-rbnz","tag-real-estate","tag-real-estate-news","tag-the-reserve-bank-of-new-zealand"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Central banks in NZ and Korea push ahead with more super-sized rate rises, Australia likely to follow - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/central-banks-in-nz-and-korea-push-ahead-with-more-super-sized-rate-rises-australia-likely-to-follow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central banks in NZ and Korea push ahead with more super-sized rate rises, Australia likely to follow - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: New Zealand&#8217;s official cash rate target is now 2.5Read More &rarr;\" \/>\n<meta property=\"og:url\" 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